Get more bang from your company bucks by personalizing them

This is the sixth rule in my series of 10 Rules I’ve Learned and Live By to Motivate People and Organizations. The last rule I shared was about how failure helps you succeed, but ONLY if it’s acknowledged openly. You can read more about how to do that more effectively here.

Rule #6 is to personalize the rewards and incentives you give to your high performer employees.

Everyone always appreciates extra cash, but there’s a reason they call it “cold, hard cash.” Employees receive it, appreciate it, and don’t think about it again. However, if you take the time to REALLY understand what motivates each member of your team and personalize his or her reward, the impact will be much greater. Not only will they be appreciative, but they will also know you actually care. Yes, it sounds a little “new gen” cheesy. SO what. It works, and like in every aspect of life, the little things count and show your team that they matter. As I will demonstrate later, even the most seasoned executive will respond passionately.

This approach, like all the past rules, takes much more time - and especially if you have a large organization. In smaller organizations I suggest personalizing all of your rewards, and in larger organizations I suggest focusing that customization on your highest performers across every level. Invest the time to learn who they are outside of the office and what interests them. It could be a hobby like collecting vintage t-shirts or a sport they play regularly. Find what motivates them when they aren’t working and what excites them in their personal lives.

There are multiple benefits to this approach. First, just by asking about their hobbies or passions they will realize you see them as more than a corporate asset, but as an individual who matters beyond just their productivity. Second, you now know what motivates them outside of work and can customize their incentives. Never underestimate the power of the personal touch.

I tried this at Demand Media and it worked in spades. When we were launching our direct sales force, two of our top performers (who had been receiving regular predictable commissions in every sales organization where they had worked for over a decade) reached their sales goals at Demand. From previous conversations, I knew they loved high fashion but were so busy they rarely had time to shop for clothes. So, instead of simply adding a commission to their paycheck (which via direct deposit they would have barely noticed), I found a personal shopper at a Beverly Hills department store and gave them the option of spending all the dollars on clothes. We brought in champagne and appetizers, and we made a full day of the experience. (Yes, I spent the whole day with them.) I have never seen more excited or thankful team members, and they still talk about how special it was and something they will always cherish to this day. This experience not only motivated them, but it has become a part of our culture and something I often hear referenced in water cooler conversations.

I’m going to bet that every time someone compliments them on that pair of shoes WE bought together, they smile and remember that moment. Would they remember that bonus check three years later?

So, if you want to reward someone in a non-impactful way, write a check. If you want to make them feel uniquely valued and eager to do it all over again…reward them with something that speaks to their interest or passion.

Next week, Rule #7....

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